ECO 365T Final Exam – Question and Answers

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ECO 365T Final Exam

  1. Which of the following will cause a change in the demand for flashlight batteries?
  2. In economics, the steeper (i.e., more vertical) the demand curve is the more _______ it is.
  3. A surplus will occur when _____________
  4. A demand curve will shift to the left if the ______________.
  5. A(n) ________________ is a market structure with only a few sellers.
  6. A very important law in the history of American business that positively impacted the market economy by banning monopolies and restraints of trade was ______________?
  7. According to a supply curve, _______________.
  8. General Motors and Ford Motor Company are in what type of market competition ?
  9. A drop in the cost of technology will cause __________________.
  10. In principle, __________ have ultimate control over the U.S. economy
  11. The oligopolist will determine what quantity to produce at ____________?
  12. Which of the following best describes the term “resource allocation”? ECO 365T Final Exam
  13. Which of the following is considered to be the BEST example of perfect competition (pure competition) in today’s business environment ?
  14. What will luxuries tend to be, and what will necessities tend to be?
  15. If buyers’ incomes decrease, the demand curve will shift to the ____________, and the price will ______________

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